Used in organic synthesis as a building block for more complex molecules, particularly in the development of pharmaceuticals and agrochemicals. It serves as a key intermediate in the production of active compounds that target specific biological pathways. Its iodine substituent allows for further functionalization through cross-coupling reactions, making it valuable in medicinal chemistry for creating drug candidates. Additionally, it is employed in research to study enzyme inhibition and receptor binding, aiding in the discovery of new therapeutic agents.